By Rhiannon Stone
When you imagine a startup, the image of frenzied entrepreneurs scribbling furiously on a whiteboard may come to mind. Or perhaps you think about a funky office space with a beer cart and ping-pong table in the lounge, where no real “work” gets done. While both of these images have some basis in reality, the real key to any startup’s success is rooted in a collective mindset.
The goal of a startup is to bring a novel idea to market that solves a real-world problem. Employees are driven by a common goal and intensely motivated to achieve it. At the most successful CUs, the startup mentality is alive and kicking across all levels of the organization, and can be adopted at yours to spur innovation and change while also keeping employees engaged. Here’s how:
New Ideas Are Encouraged
Innovation is culturally ingrained. The status quo is never enough. Employees constantly are exploring new ways to solve existing problems, and out-of-the-box thinking is both expected and rewarded. Questioning the norm at your credit union will lead to positive change.
Change is Embraced
A disruption mindset exists at the core of any startup. Old business models and ways of thinking are left behind. They don’t do things how they’ve always been done because there’s always something that can be improved. Think about the benefits for your credit union if everyone strived to evolve and improve constantly. Failure may happen, but that’s okay – it’s an inevitable aspect of progress.
They Work With a Purpose
Facebook started with a purpose of connecting students on college campuses to grow their “social network.” Serving members better is the mission of all credit unions. By finding new ways to improve members’ financial well-being, credit unions can add real value that permeates through many other areas of their lives.
Work is Engaging
Employees at startups stay motivated because they are passionate about what they do. They also keep things interesting by not feeling confined to old hierarchies, meeting structures and the typical grind. Engaged employees are happier in their jobs and more productive. Don’t turn your credit union employees into drones – let them bring something new to the table that improves your work environment at all levels.
Everyone Contributes
Each person is valued for their contributions at a startup. This starts with leadership – management is invested in the people that come to work every day and work toward a collective goal. A good idea can come from anyone at any level in an organization – keep lines of communication open at your credit union to stimulate new ideas and innovation.
Embracing a startup mentality isn’t about your décor or dress code – it’s about creating a work environment where employees show up every day with a hunger to accomplish the mission at hand. By fostering a company culture that embraces divergent thinking and creativity, great ideas to better serve members and grow your credit union will inevitably emerge. Adopt and encourage a startup mentality, and witness positive change in motion.
Rhiannon Stone is COO at EPL, Inc.